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Gaming Innovation Group Inc. (GiG) reports Q3 2022 revenues* of €22.9 million and an adjusted EBITDA of €8.5 million.
“I am pleased with the development and performance of GiG over the third quarter. The business delivered another record quarter with revenue growth up 35% year-over-year”, says Richard Brown, CEO of GiG.
Financial Highlights
- All time high revenues* in Q3 2022 of €22.9m (16.9), an increase of 35% YoY, whereof 24% organic
- Adjusted EBITDA was €8.5m (5.8), up 47%, adjusted EBITDA margin* increased to 37.0% (34.1)
- EBIT was €2.5m (2.1), with an EBIT margin* of 10.8% (12.6%)
- Revenues in GiG Media at all-time high of €15.1m (11.2), an increase of 35%, with an adjusted EBITDA of €6.8 (5.1)
- Revenues* for Platform & Sportsbook were €7.8m (5.7), an increase of 36% whereof 3% organic (14% organic excl. premium fees), with adjusted EBITDA of €1.7m (0.6)
- Positive net profit of €0.6m (0.0)
- Positive cash flow from operations of €10.0m (8.0)
Operational Highlights
- GiG Media reached a seventh successive all-time high in quarterly revenues and player intake, FTDs ended at 86,500 (46,700), up 85%
- Granted a supplier licence for Ontario province in Canada, first two brands live in Q4
- Platform & Sportsbook signed six new agreements in the quarter, whereof three in Europe, two in LATAM and one in North America
- Four brands went live in Q3 2022, and the number of live brands were 62 at quarter end
Events after Q3
- Signed agreement to power a leading land-based operator’s online expansion, strengthening GiG’s position within the large and growing LATAM market
- Three brands have gone live so far in Q4 2022
- October has developed positively, and revenues are up 34% compared to the same period last year, whereof 22% organic growth
- GiG Media reached all-time high player intake in October 2022
*Revenues are adjusted for revenues from a platform client where GiG recognizes the full operations in its profit and loss statement, which are partly offset by related cost of sales and site overheads. See Note 2 in the Q3-2022 Interim Report for more details.
